0000008858-20-000037 | 10-Q | XBRL Viewer

First Quarters Ended

October 3, 2020

September 28, 2019

Operating Lease Term and Discount Rate

Weighted-average remaining lease term in years

Weighted-average discount rate

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Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Oct. 03, 2020	Oct. 21, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 03, 2020
Document Transition Report	false
Entity File Number	1-4224
Entity Registrant Name	AVNET, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1890605
Entity Address, Address Line One	2211 South 47th Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85034
City Area Code	480
Local Phone Number	643-2000
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	AVT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		98,829,336
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-03
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 03, 2020	Jun. 27, 2020
Current assets:
Cash and cash equivalents	$ 483,056	$ 477,038
Receivables	2,964,531	2,928,386
Inventories	2,944,673	2,731,988
Prepaid and other current assets	209,928	191,394
Total current assets	6,602,188	6,328,806
Property, plant and equipment, net	404,136	404,607
Goodwill	798,865	773,734
Intangible assets, net	47,448	65,437
Operating lease assets	288,669	275,917
Other assets	240,089	256,696
Total assets	8,381,395	8,105,197
Current liabilities:
Short-term debt	166,992	51
Accounts payable	2,005,126	1,754,078
Accrued expenses and other	535,376	472,924
Short-term operating lease liabilities	58,912	53,313
Total current liabilities	2,766,406	2,280,366
Long-term debt	1,195,203	1,424,791
Long-term operating lease liabilities	262,850	253,719
Other liabilities	379,425	419,923
Total liabilities	4,603,884	4,378,799
Commitments and contingencies (Note 9)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 98,843,595 shares and 98,792,542 shares, respectively	98,844	98,793
Additional paid-in capital	1,599,331	1,594,140
Retained earnings	2,367,720	2,421,845
Accumulated other comprehensive loss	(288,384)	(388,380)
Total shareholders' equity	3,777,511	3,726,398
Total liabilities and shareholders' equity	$ 8,381,395	$ 8,105,197

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 03, 2020	Jun. 27, 2020
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares, issued	98,843,595	98,792,542

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Income Statement [Abstract]
Sales	$ 4,723,059	$ 4,630,009
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 4,206,979	$ 4,086,170
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 516,080	$ 543,839
Selling, general and administrative expenses	471,158	456,503
Restructuring, integration and other expenses	26,420	24,598
Operating income	18,502	62,738
Other (expense) income, net	(19,498)	4,931
Interest and other financing expenses, net	(22,301)	(33,631)
Income (loss) before taxes	(23,297)	34,038
Income tax benefit	(4,408)	(7,714)
Net (loss) income	$ (18,889)	$ 41,752
Earnings (loss) per share:
Basic	$ (0.19)	$ 0.40
Diluted	$ (0.19)	$ 0.40
Shares used to compute earnings per share:
Basic	98,897	103,130
Diluted	98,897	104,377
Cash dividends paid per common share	$ 0.21	$ 0.21

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (18,889)	$ 41,752
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other	90,373	(102,146)
Pension adjustments, net	9,623	3,813
Total comprehensive income (loss)	$ 81,107	$ (56,581)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Cumulative Effect, Period of Adoption, Adjustment	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 29, 2019	$ 104,038	$ 1,573,005		$ 2,767,469	$ (304,039)		$ 4,140,473
Shares issued Beginning Balance at Jun. 29, 2019	104,038,000
Net (loss) income				41,752			41,752
Translation adjustments and other					(102,146)		(102,146)
Pension liability adjustment, net					3,813		3,813
Cash dividends				(21,451)			(21,451)
Repurchases of common stock	$ (2,631)			(109,504)			(112,135)
Repurchase of common stock (in shares)	(2,631,000)
Stock-based compensation	$ 64	7,701					7,765
Stock-based compensation (in shares)	64,000
Shares issued Ending Balance at Sep. 28, 2019	101,471,000
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 28, 2019	$ 101,471	1,580,706		2,678,266	(402,372)		3,958,071
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 27, 2020	$ 98,793	1,594,140	$ (14,480)	2,421,845	(388,380)	$ (14,480)	$ 3,726,398
Shares issued Beginning Balance at Jun. 27, 2020	98,793,000						98,792,542
Net (loss) income				(18,889)			$ (18,889)
Translation adjustments and other					90,373		90,373
Pension liability adjustment, net					9,623		9,623
Cash dividends				(20,756)			(20,756)
Stock-based compensation	$ 51	5,191					$ 5,242
Stock-based compensation (in shares)	51,000
Shares issued Ending Balance at Oct. 03, 2020	98,844,000						98,843,595
Stockholders' Equity Attributable to Parent, Ending Balance at Oct. 03, 2020	$ 98,844	$ 1,599,331		$ 2,367,720	$ (288,384)		$ 3,777,511

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Cash flows from operating activities:
Net (loss) income	$ (18,889)	$ 41,752
Non-cash and other reconciling items:
Depreciation	21,845	24,669
Amortization	20,117	19,911
Amortization of Operating Lease Assets	14,079	15,839
Deferred income taxes	6,614	(3,970)
Stock-based compensation	4,961	7,218
Asset impairment expense	15,166
Other, net	10,898	8,034
Changes in (net of effects from businesses acquired and divested):
Receivables	(7,116)	(6,703)
Inventories	(136,426)	(64,194)
Accounts payable	228,740	189,746
Accrued expenses and other, net	(37,545)	(36,660)
Net cash flows provided by operating activities	122,444	195,642
Cash flows from financing activities:
Borrowings under accounts receivable securitization, net	166,900	110,800
Repayments under senior unsecured credit facility, net	(234,190)	(1,100)
Repayments under bank credit facilities and other debt, net	(545)	(745)
Repurchases of common stock		(110,805)
Dividends paid on common stock	(20,756)	(21,451)
Other, net	281	548
Net cash flows used for financing activities	(88,310)	(22,753)
Cash flows from investing activities:
Purchases of property, plant and equipment	(19,998)	(29,864)
Acquisitions of assets	(18,700)
Other, net	753	(12,515)
Net cash flows used for investing activities	(37,945)	(42,379)
Effect on currency exchange rate changes on cash and cash equivalents	9,829	(12,507)
Cash and cash equivalents:
Increase	6,018	118,003
Cash and cash equivalents at beginning of year	477,038	546,105
Cash and cash equivalents at end of year	$ 483,056	$ 664,108

Basis of presentation and new accounting pronouncements

3 Months Ended

Oct. 03, 2020

Basis of presentation and new accounting pronouncements

Basis of presentation and new accounting pronouncements

1. Basis of presentation and new accounting pronouncements

In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature.

The preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions.

Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2020.

Certain reclassifications have been made in prior periods to conform to the current period presentation.

Fiscal year

The Company operates on a “52/53 week” fiscal year, and fiscal 2021 contains 53 weeks compared to fiscal 2020, which contained 52 weeks. As a result, the first quarter of fiscal 2021 ended October 3, 2020 contained 14 weeks compared to the first quarter of fiscal 2020 ended September 28, 2019, which contained 13 weeks.

Recently adopted accounting pronouncements

In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop internal-use software. The adoption of ASU No. 2018-15 in the first quarter of fiscal 2021 did not have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU No. 2016-13") and also issued subsequent amendments to the initial guidance: ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, and ASU No. 2019-11 (collectively, Topic 326). Topic 326 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. On June 28, 2020, the Company adopted Topic 326 using a modified retrospective approach with a cumulative effect adjustment to the opening balance of retained earnings, which increased the allowance for credit losses by $17.2 million ($14.5 million, net of tax of $2.7 million). Increases in the allowance for credit losses relate to the required change from an incurred loss model to an expected loss model, and the related change in timing of loss recognition where an allowance for credit losses is now applied at the time the asset, or pool of assets, is recognized.

Recently issued accounting pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”), which provides optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. The new guidance provides optional

expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. This guidance is effective upon issuance through December 31, 2022. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2020-04.

In January 2020, the FASB issued ASU No. 2020-01 - Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (“ASU No.2020-01”), which clarifies the interaction of the accounting for certain equity securities, equity method investments, and certain derivatives. ASU No. 2020-01 will be effective for the Company in the first quarter of fiscal 2022, and early adoption is permitted. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2020-01.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), (“ASU No. 2019-12”) which removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 will be effective for the Company in the first quarter of fiscal 2022, and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2019-12.

In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU No. 2018-14”). The new guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including removing certain previous disclosure requirements, adding certain new disclosure requirements, and clarifying certain other disclosure requirements. ASU No. 2018-14 will be effective for the Company in the first quarter of fiscal 2022, and early adoption is permitted. The Company’s planned adoption of ASU No. 2018-14 is not expected to have a material impact on the Company’s consolidated financial statements.

Summary of significant accounting policies

3 Months Ended

Oct. 03, 2020

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

Except for the changes below, no material changes have been made to the Company’s significant accounting policies as disclosed in Note 1, Summary of Significant Accounting Policies, in its Annual Report on Form 10-K filed on August 14, 2020 for the year ended June 27, 2020.

Receivables – Receivables, predominately comprised of trade accounts and notes receivable, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable-specific risk characteristics such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis, when similar risk characteristics exist.

Acquisitions

3 Months Ended

Oct. 03, 2020

Acquisitions

Acquisitions

3. Acquisitions

In the first quarter of fiscal 2021, the Company completed an asset acquisition. The impact of this asset acquisition was not material to the Company’s consolidated balance sheets or statements of operations.

Receivables

3 Months Ended

Oct. 03, 2020

Receivables

Receivables

4. Receivables

The Company’s receivables and allowance for credit losses were as follows:


	October 3,		June 27,
	2020		2020

	(In thousands)
Receivables	$	3,046,058	$	2,993,404
Allowance for Credit Losses		(81,527)		(65,018)

The Company had the following activity in the allowance for credit losses during the first quarter of fiscal 2021:


	October 3,
	2020
	(In thousands)
Balance at June 27, 2020	$	65,018
Effect of adoption of ASU No. 2016-12 (Note 1)		17,205
Credit Loss Provision		1,786
Credit Loss Recoveries		(126)
Write offs		(4,023)
Foreign Currency Effect and Other		1,667
Balance at October 3, 2020	$	81,527

Goodwill and intangible assets

3 Months Ended

Oct. 03, 2020

Goodwill and intangible assets

Goodwill and intangible assets

5. Goodwill and intangible assets

Goodwill

The following table presents the change in goodwill by reportable segment for the three months ended October 3, 2020.


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at June 27, 2020 ⁽¹⁾	$	297,836	$	475,898	$	773,734
Foreign currency translation		6,606		18,525		25,131
Carrying value at October 3, 2020 ⁽¹⁾	$	304,442	$	494,423	$	798,865

(1)	Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018, $137,396 from fiscal 2019 and $118,731 from fiscal 2020.

The Company evaluates each quarter if facts and circumstances indicate that it is more likely than not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in macroeconomic or industry environments, (iii) the results of and the amount of time passed since the last goodwill impairment test and (iv) the long-term expected financial performance of its reporting units. During the first quarter of fiscal 2021, the Company concluded that an interim goodwill impairment test was not required.

Intangible Assets

The following table presents the Company’s acquired intangible assets at October 3, 2020 and June 27, 2020, respectively.


	October 3, 2020						June 27, 2020
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount⁽¹⁾		Amortization		Value

	(Thousands)
Customer related	$	311,121	$	(291,936)	$	19,185	$	300,937	$	(266,759)	$	34,178
Trade name		53,729		(35,914)		17,815		51,698		(32,493)		19,205
Technology and other		55,666		(45,218)		10,448		53,641		(41,587)		12,054
	$	420,516	$	(373,068)	$	47,448	$	406,276	$	(340,839)	$	65,437

⁽¹⁾Acquired amount reduced by impairment of $17,473 from fiscal 2020.

Intangible asset amortization expense was $20.1 million and $19.9 million for the first quarters of fiscal 2021 and 2020, respectively. Intangible assets have a weighted average remaining useful life of approximately 3 years. The following table presents the estimated future amortization expense for the remainder of fiscal 2021 and the next five fiscal years (in thousands):


Fiscal Year
Remainder of fiscal 2021	$	20,058
2022		14,668
2023		6,415
2024		2,995
2025		1,472
2026		1,472
Thereafter		368
Total	$	47,448

Debt

3 Months Ended

Oct. 03, 2020

Debt

Debt

6. Debt

Short-term debt consists of the following (carrying balances in thousands):


	October 3,		June 27,		October 3,		June 27,
	2020		2020		2020		2020

	Interest Rate				Carrying Balance
Bank credit facilities and other	8.45	%	5.69	%	$	92	$	51
Accounts receivable securitization program	1.20	%	—			166,900		—
Short-term debt					$	166,992	$	51

Bank credit facilities and other consists primarily of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of the Company including its foreign operations.

In July 2020, the Company amended and extended for one year, its trade accounts receivable securitization program (the “Securitization Program”) in the United States with a group of financial institutions to allow the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of trade accounts receivable, to provide security or collateral for borrowings up to a maximum of $450 million. The Securitization Program does not qualify for off balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $728.4 million and $703.8 million at October 3, 2020 and June 27, 2020, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. Interest on borrowings is calculated using a one-month LIBOR rate plus a spread of 1.05% The facility fee on the unused balance of the facility is up to 0.40%.

Long-term debt consists of the following (carrying balances in thousands):


	October 3,		June 27,		October 3,		June 27,
	2020		2020		2020		2020

	Interest Rate				Carrying Balance
Revolving credit facilities:
Credit Facility (due June 2023)	—		1.28	%	$	—	$	230,000
Public notes due:
December 2021	3.75	%	3.75	%		300,000		300,000
December 2022	4.88	%	4.88	%		350,000		350,000
April 2026	4.63	%	4.63	%		550,000		550,000
Other long-term debt	1.18	%	1.19	%		1,518		1,491
Long-term debt before discount and debt issuance costs						1,201,518		1,431,491
Discount and debt issuance costs – unamortized						(6,315)		(6,700)
Long-term debt					$	1,195,203	$	1,424,791

The Company has a five-year $1.25 billion senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks, consisting of revolving credit facilities and the issuance of up to $200.0 million of letters of credit and up to $300.0 million of loans in certain approved currencies, which expires in June 2023. Subject to certain conditions, the Credit Facility may be increased up to $1.50 billion. Under the Credit Facility, the Company may select from various interest rate options, currencies and maturities. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments and capital expenditures. The Credit Facility also includes financial covenants, which were amended during the first quarter of fiscal 2021, requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of October 3, 2020 and June 27, 2020.

As of October 3, 2020 and June 27, 2020, there were $1.3 million and $1.6 million, respectively, in letters of credit issued under the Credit Facility.

As of October 3, 2020, the carrying value and fair value of the Company’s total debt was $1.36 billion and $1.46 billion, respectively. At June 27, 2020, the carrying value and fair value of the Company’s total debt was $1.42 billion and $1.52 billion, respectively. Fair value for the public notes was estimated based upon quoted market prices and for other forms of debt fair value approximates carrying value due to the market based variable nature of the interest rates on those debt facilities.

Leases

3 Months Ended

Oct. 03, 2020

Leases [Abstract]

Leases

7. Leases

Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space and integration facilities with a lease term of up to 18 years. The Company’s equipment leases are primarily for automobiles and equipment, and are not material to the consolidated financial statements.

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	First Quarters Ended
	October 3, 2020		September 28, 2019
Operating lease cost	$	18,402	$	18,802
Variable lease cost		6,288		5,268
Total lease cost	$	24,690	$	24,070

Future minimum operating lease payments as of October 3, 2020 are as follows (in thousands):


Fiscal Year
Remainder of fiscal 2021	$	51,333
2022		59,795
2023		50,999
2024		38,900
2025		32,006
Thereafter		156,634
Total future operating lease payments		389,667
Total imputed interest on operating lease liabilities		(67,905)
Total operating lease liabilities	$	321,762

Other information pertaining to operating leases consists of the following:

Supplemental cash flow information related to the Company’s operating leases for the first quarters ended October 3, 2020 and September 28, 2019, respectively, was as follows (in thousands):

Derivative financial instruments

3 Months Ended

Oct. 03, 2020

Derivative financial instruments

Derivative financial instruments

8. Derivative financial instruments

Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies. This subjects the Company to the risks associated with fluctuations in foreign currency exchange rates. The Company reduces this risk by utilizing natural hedging (e.g., offsetting receivables and payables in the same foreign currency) as well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign exchange contracts typically with maturities of less than 60 days (“economic hedges”), but no longer than one year. The Company continues to have exposure to foreign currency risks to the extent they are not economically hedged. The Company adjusts any economic hedges to fair value through the consolidated statements of operations primarily within “Other (expense) income, net.” The fair value of forward foreign exchange contracts, which are based upon Level 2 criteria under the ASC 820 fair value hierarchy, are classified in the captions “Prepaid and other current assets” or “Accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of October 3, 2020 and June 27, 2020. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. The Company’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists.

The Company generally does not hedge its investments in its foreign operations. The Company does not enter into derivative financial instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties.

The Company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase from suppliers. The Company’s foreign operations transactions are denominated primarily in the following currencies: U.S. Dollar, Euro, British Pound, Japanese Yen, Chinese Yuan, Taiwan Dollar, Canadian Dollar and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other EMEA and Asia foreign currencies.

The fair values of forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in the Company’s consolidated balance sheets are as follows:


	October 3,		June 27,
	2020		2020

	(Thousands)
Prepaid and other current assets	$	8,480	$	18,989
Accrued expenses and other		18,471		15,605

The amounts recorded to other (expense) income, net, related to derivative financial instruments for economic hedges are as follows:


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Net derivative financial instrument (loss) gain	$	(7,816)	$	9,500

Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are classified within the same line item in the consolidated statements of operations as the remeasurement of the underlying assets or liabilities being economically hedged.

Commitments and contingencies

3 Months Ended

Oct. 03, 2020

Commitments and contingencies

Commitments and contingencies

9. Commitments and contingencies

From time to time, the Company may become a party to, or be otherwise involved in various lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity or results of operations.

The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations, including import/export and environmental matters. For certain of these matters it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss for such matters due primarily to being in the early stages of the related proceedings and investigations. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity but could possibly be material to its results of operations in any one reporting period.

As of October 3, 2020 and June 27, 2020, the Company had aggregate estimated liabilities of $18.8 million classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates.

During the first quarter of fiscal 2021, the Company recorded a gain on legal settlement of $8.2 million, which is classified as a component of Restructuring, integration and other expenses.

Income taxes

3 Months Ended

Oct. 03, 2020

Income taxes

Income taxes

10. Income taxes

The Company’s effective tax rate on its loss before taxes was a benefit of 18.9% in the first quarter of fiscal 2021. During the first quarter of fiscal 2021, the Company’s effective tax rate was unfavorably impacted primarily by increases to valuation allowances, partially offset by (i) the release of unrecognized tax benefit reserves and (ii) the mix of income in lower tax jurisdictions.

During the first quarter of fiscal 2020, the Company’s effective tax rate on its income before taxes was a benefit of 22.7%. During the first quarter of fiscal 2020, the Company’s effective tax rate was favorably impacted primarily by (i) the release of unrecognized tax benefit reserves and (ii) the mix of income in lower tax jurisdictions.

The Company’s effective tax rate may change in future periods due to changes in tax laws and issuance of additional guidance and regulations of tax laws.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Pension and retirement plan

3 Months Ended

Oct. 03, 2020

Pension and retirement plan

Pension and retirement plans

11. Pension plan

The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows:


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Service cost	$	3,938	$	3,786
Total net periodic pension cost within selling, general and administrative expenses		3,938		3,786

Interest cost		3,976		5,638
Expected return on plan assets		(12,420)		(12,668)
Amortization of prior service cost		75		534
Recognized net actuarial loss		5,151		3,637
Total net periodic pension benefit within other (expense) income, net		(3,218)		(2,859)

Net periodic pension cost	$	720	$	927

The Company made $8.0 million of contributions during the first quarter of fiscal 2021 and expects to make additional contributions to the Plan of $8.0 million in the remainder of fiscal 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Shareholders' equity

3 Months Ended

Oct. 03, 2020

Shareholders' equity

Shareholders' equity

12. Shareholders’ equity

Share repurchase program

In August 2019, the Company’s Board of Directors amended the Company’s existing share repurchase program, increasing the cumulative total of authorized share repurchases to $2.95 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors such as share price, expected liquidity, expected compliance with financial debt convents, corporate and regulatory requirements, and prevailing market conditions. During the first quarter ended October 3, 2020, the Company did not repurchase any shares under this program. As of October 3, 2020, the Company had $469.0 million remaining under its share repurchase authorization.

Common stock dividend

In August 2020, the Company’s Board of Directors approved a dividend of $0.21 per common share and dividend payments of $20.8 million were made in September 2020.

Earnings per share

3 Months Ended

Oct. 03, 2020

Earnings per share

Earnings per share

13. Earnings per share


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands, except per share data)
Numerator:
Net (loss) income	$	(18,889)	$	41,752

Denominator:
Weighted average common shares for basic earnings per share		98,897		103,130
Net effect of dilutive stock based compensation awards		—		1,247
Weighted average common shares for diluted earnings per share		98,897		104,377
Basic (loss) earnings per share	$	(0.19)	$	0.40
Diluted (loss) earnings per share	$	(0.19)	$	0.40
Stock options excluded from earnings per share calculation due to anti-dilutive effect		875		388

For the first quarter of fiscal 2021, the diluted net loss per share is the same as the basic net loss per share as the effect of all potential common shares would be anti-dilutive.

Additional cash flow information

3 Months Ended

Oct. 03, 2020

Additional cash flow information

Additional cash flow information

14. Additional cash flow information

Non-cash investing and financing activities and supplemental cash flow information were as follows:


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	3,173	$	7,500
Non-cash Financing Activities:
Unsettled share repurchases		—	$	2,734
Supplemental Cash Flow Information:
Interest	$	12,538	$	19,214
Income tax net payments (refunds)		19,258		(5,192)

Included in cash and cash equivalents as of October 3, 2020 and June 27, 2020 was $5.8 million and $20.9 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Segment information

3 Months Ended

Oct. 03, 2020

Segment information

Segment information

15. Segment information

Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”). EC markets and sells semiconductors and interconnect, passive and electromechanical devices and integrated components to a diverse customer base serving many end-markets. Farnell distributes electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Sales:
Electronic Components	$	4,382,148	$	4,294,187
Farnell		340,911		335,822
		4,723,059		4,630,009
Operating income:
Electronic Components	$	84,440	$	112,286
Farnell		11,959		21,805
		96,399		134,091
Corporate		(31,302)		(26,677)
Restructuring, integration and other expenses		(26,420)		(24,598)
Amortization of acquired intangible assets and other		(20,175)		(20,078)
Operating income	$	18,502	$	62,738

Sales, by geographic area:
Americas ⁽¹⁾	$	1,205,695	$	1,215,757
EMEA ⁽²⁾		1,480,674		1,470,924
Asia/Pacific ⁽³⁾		2,036,690		1,943,328
Sales	$	4,723,059	$	4,630,009

⁽¹⁾	Includes sales from the United States of $1.13 billion and $1.14 billion for the first quarters ended October 3, 2020 and September 28, 2019, respectively.

⁽²⁾	Includes sales from Germany and Belgium of $574.8 million and $294.4 million, respectively, for the first quarter ended October 3, 2020. Includes sales from Germany and Belgium of $580.3 million and $277.8 million, respectively, for the first quarter ended September 28, 2019.

⁽³⁾

Includes sales from China (including Hong Kong), Taiwan and Singapore of $631.8 million, $916.3 million and $272.0 million, respectively, for the first quarter ended October 3, 2020. Includes sales from China (including Hong Kong), Taiwan and Singapore of $623.5 million, $870.4 million and $239.6 million, respectively, for the first quarter ended September 28, 2019.


	October 3,		June 27,
	2020		2020

	(Thousands)
Property, plant, and equipment, net, by geographic area:
Americas ⁽¹⁾	$	173,378	$	183,892
EMEA ⁽²⁾		192,997		183,382
Asia/Pacific		37,761		37,333
Property, plant, and equipment, net	$	404,136	$	404,607

⁽¹⁾	Includes property, plant and equipment, net, of $169.2 million and $179.4 million as of October 3, 2020 and June 27, 2020, respectively, in the United States.

⁽²⁾

Includes property, plant and equipment, net, of $86.1 million, $80.8 million and $22.5 million in Germany, the United Kingdom and Belgium, respectively, as of October 3, 2020; and $84.9 million, $72.7 million and $22.4 million in Germany, the United Kingdom and Belgium, respectively, as of June 27, 2020.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Restructuring expenses

3 Months Ended

Oct. 03, 2020

Restructuring expenses

Restructuring expenses

16. Restructuring expenses

Fiscal 2021

During fiscal 2021, the Company undertook restructuring actions in order to improve operating efficiencies and reduce operating expenses. Restructuring expenses are included as a component of restructuring, integration and other expenses in the consolidated statements of operations. The activity related to the restructuring liabilities associated with restructuring activities established during fiscal 2021 is presented in the following table:


			Facility
			and Contract
	Severance		Exit Costs		Total

	(Thousands)
Fiscal 2021 restructuring expenses	$	24,815	$	2,037	$	26,852
Cash payments		(4,732)		(200)		(4,932)
Non-cash amounts		—		—		—
Other, principally foreign currency translation		(38)		(2)		(40)
Balance at October 3, 2020	$	20,045	$	1,835	$	21,880

Severance expense recorded in the first quarter of fiscal 2021 related to the reduction, or planned reduction, of over 150 employees, primarily in executive management, operations, information technology, warehouse, sales and business support functions. Of the $26.9 million in restructuring expenses recorded during the first quarter of fiscal 2021, $12.3 million related to EC, $9.2 million related to Farnell and $5.4 million related to Corporate. The Company expects the majority of the remaining severance amounts to be paid by the end of fiscal 2021.

Fiscal 2020 and prior

During fiscal 2020 and prior, the Company incurred restructuring expenses related to various restructuring actions intended to achieve planned synergies from acquired businesses and to reduce future operating expenses. The following table presents the activity during the first quarter of fiscal 2021 related to the remaining restructuring liabilities established during fiscal 2020 and prior:


			Facility
			and Contract
	Severance		Exit Costs		Total

	(Thousands)
Balance at June 27, 2020	$	13,574	$	3,368	$	16,942
Cash payments		(1,802)		(208)		(2,010)
Changes in estimates, net		(304)		(33)		(337)
Other, principally foreign currency translation		390		99		489
Balance at October 3, 2020	$	11,858	$	3,226	$	15,084

The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2021.

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Oct. 03, 2020
Summary of significant accounting policies
Basis of presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. The preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2020. Certain reclassifications have been made in prior periods to conform to the current period presentation.
Fiscal year	Fiscal year The Company operates on a “52/53 week” fiscal year, and fiscal 2021 contains 53 weeks compared to fiscal 2020, which contained 52 weeks. As a result, the first quarter of fiscal 2021 ended October 3, 2020 contained 14 weeks compared to the first quarter of fiscal 2020 ended September 28, 2019, which contained 13 weeks.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop internal-use software. The adoption of ASU No. 2018-15 in the first quarter of fiscal 2021 did not have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU No. 2016-13") and also issued subsequent amendments to the initial guidance: ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, and ASU No. 2019-11 (collectively, Topic 326). Topic 326 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. On June 28, 2020, the Company adopted Topic 326 using a modified retrospective approach with a cumulative effect adjustment to the opening balance of retained earnings, which increased the allowance for credit losses by $17.2 million ($14.5 million, net of tax of $2.7 million). Increases in the allowance for credit losses relate to the required change from an incurred loss model to an expected loss model, and the related change in timing of loss recognition where an allowance for credit losses is now applied at the time the asset, or pool of assets, is recognized. Recently issued accounting pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”), which provides optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. This guidance is effective upon issuance through December 31, 2022. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2020-04. In January 2020, the FASB issued ASU No. 2020-01 - Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (“ASU No.2020-01”), which clarifies the interaction of the accounting for certain equity securities, equity method investments, and certain derivatives. ASU No. 2020-01 will be effective for the Company in the first quarter of fiscal 2022, and early adoption is permitted. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2020-01. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), (“ASU No. 2019-12”) which removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 will be effective for the Company in the first quarter of fiscal 2022, and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2019-12. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU No. 2018-14”). The new guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including removing certain previous disclosure requirements, adding certain new disclosure requirements, and clarifying certain other disclosure requirements. ASU No. 2018-14 will be effective for the Company in the first quarter of fiscal 2022, and early adoption is permitted. The Company’s planned adoption of ASU No. 2018-14 is not expected to have a material impact on the Company’s consolidated financial statements.
Receivables	Receivables – Receivables, predominately comprised of trade accounts and notes receivable, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable-specific risk characteristics such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis, when similar risk characteristics exist.

Receivables (Tables)

3 Months Ended

Oct. 03, 2020

Receivables

Schedule of receivables and allowance for credit losses


	October 3,		June 27,
	2020		2020

	(In thousands)
Receivables	$	3,046,058	$	2,993,404
Allowance for Credit Losses		(81,527)		(65,018)


	October 3,
	2020
	(In thousands)
Balance at June 27, 2020	$	65,018
Effect of adoption of ASU No. 2016-12 (Note 1)		17,205
Credit Loss Provision		1,786
Credit Loss Recoveries		(126)
Write offs		(4,023)
Foreign Currency Effect and Other		1,667
Balance at October 3, 2020	$	81,527

Goodwill and intangible assets (Tables)

3 Months Ended

Oct. 03, 2020

Goodwill and intangible assets

Change in goodwill balances by reportable segment


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at June 27, 2020 ⁽¹⁾	$	297,836	$	475,898	$	773,734
Foreign currency translation		6,606		18,525		25,131
Carrying value at October 3, 2020 ⁽¹⁾	$	304,442	$	494,423	$	798,865

(1)	Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018, $137,396 from fiscal 2019 and $118,731 from fiscal 2020.

Company's identifiable acquired intangible assets


	October 3, 2020						June 27, 2020
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount⁽¹⁾		Amortization		Value

	(Thousands)
Customer related	$	311,121	$	(291,936)	$	19,185	$	300,937	$	(266,759)	$	34,178
Trade name		53,729		(35,914)		17,815		51,698		(32,493)		19,205
Technology and other		55,666		(45,218)		10,448		53,641		(41,587)		12,054
	$	420,516	$	(373,068)	$	47,448	$	406,276	$	(340,839)	$	65,437

⁽¹⁾Acquired amount reduced by impairment of $17,473 from fiscal 2020.

Estimated future amortization expense

The following table presents the estimated future amortization expense for the remainder of fiscal 2021 and the next five fiscal years (in thousands):


Fiscal Year
Remainder of fiscal 2021	$	20,058
2022		14,668
2023		6,415
2024		2,995
2025		1,472
2026		1,472
Thereafter		368
Total	$	47,448

Debt (Tables)

3 Months Ended

Oct. 03, 2020

Debt

Short-term debt

Short-term debt consists of the following (carrying balances in thousands):


	October 3,		June 27,		October 3,		June 27,
	2020		2020		2020		2020

	Interest Rate				Carrying Balance
Bank credit facilities and other	8.45	%	5.69	%	$	92	$	51
Accounts receivable securitization program	1.20	%	—			166,900		—
Short-term debt					$	166,992	$	51

Long-term debt

Long-term debt consists of the following (carrying balances in thousands):


	October 3,		June 27,		October 3,		June 27,
	2020		2020		2020		2020

	Interest Rate				Carrying Balance
Revolving credit facilities:
Credit Facility (due June 2023)	—		1.28	%	$	—	$	230,000
Public notes due:
December 2021	3.75	%	3.75	%		300,000		300,000
December 2022	4.88	%	4.88	%		350,000		350,000
April 2026	4.63	%	4.63	%		550,000		550,000
Other long-term debt	1.18	%	1.19	%		1,518		1,491
Long-term debt before discount and debt issuance costs						1,201,518		1,431,491
Discount and debt issuance costs – unamortized						(6,315)		(6,700)
Long-term debt					$	1,195,203	$	1,424,791

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

3 Months Ended

Oct. 03, 2020

Leases [Abstract]

Schedule of lease cost

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	First Quarters Ended
	October 3, 2020		September 28, 2019
Operating lease cost	$	18,402	$	18,802
Variable lease cost		6,288		5,268
Total lease cost	$	24,690	$	24,070

Schedule of future minimum operating lease payments

Future minimum operating lease payments as of October 3, 2020 are as follows (in thousands):


Fiscal Year
Remainder of fiscal 2021	$	51,333
2022		59,795
2023		50,999
2024		38,900
2025		32,006
Thereafter		156,634
Total future operating lease payments		389,667
Total imputed interest on operating lease liabilities		(67,905)
Total operating lease liabilities	$	321,762

Schedule of other information pertaining to operating leases

Other information pertaining to operating leases consists of the following:

Schedule of supplemental cash flow information

Supplemental cash flow information related to the Company’s operating leases for the first quarters ended October 3, 2020 and September 28, 2019, respectively, was as follows (in thousands):

Derivative financial instruments (Tables)

3 Months Ended

Oct. 03, 2020

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	October 3,		June 27,
	2020		2020

	(Thousands)
Prepaid and other current assets	$	8,480	$	18,989
Accrued expenses and other		18,471		15,605

Schedule of gain (loss) on derivatives


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Net derivative financial instrument (loss) gain	$	(7,816)	$	9,500

Pension and retirement plans (Tables)

3 Months Ended

Oct. 03, 2020

Pension and retirement plan

Components of net periodic pension costs


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Service cost	$	3,938	$	3,786
Total net periodic pension cost within selling, general and administrative expenses		3,938		3,786

Interest cost		3,976		5,638
Expected return on plan assets		(12,420)		(12,668)
Amortization of prior service cost		75		534
Recognized net actuarial loss		5,151		3,637
Total net periodic pension benefit within other (expense) income, net		(3,218)		(2,859)

Net periodic pension cost	$	720	$	927

Earnings per share (Tables)

3 Months Ended

Oct. 03, 2020

Earnings per share

Basic and diluted earnings per share calculation


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands, except per share data)
Numerator:
Net (loss) income	$	(18,889)	$	41,752

Denominator:
Weighted average common shares for basic earnings per share		98,897		103,130
Net effect of dilutive stock based compensation awards		—		1,247
Weighted average common shares for diluted earnings per share		98,897		104,377
Basic (loss) earnings per share	$	(0.19)	$	0.40
Diluted (loss) earnings per share	$	(0.19)	$	0.40
Stock options excluded from earnings per share calculation due to anti-dilutive effect		875		388

Additional cash flow information (Tables)

3 Months Ended

Oct. 03, 2020

Additional cash flow information

Interest and income taxes paid


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	3,173	$	7,500
Non-cash Financing Activities:
Unsettled share repurchases		—	$	2,734
Supplemental Cash Flow Information:
Interest	$	12,538	$	19,214
Income tax net payments (refunds)		19,258		(5,192)

Segment information (Tables)

3 Months Ended

Oct. 03, 2020

Segment information

Table of the Company's segments and the related financial information for each


	First Quarters Ended
	October 3,		September 28,
	2020		2019

	(Thousands)
Sales:
Electronic Components	$	4,382,148	$	4,294,187
Farnell		340,911		335,822
		4,723,059		4,630,009
Operating income:
Electronic Components	$	84,440	$	112,286
Farnell		11,959		21,805
		96,399		134,091
Corporate		(31,302)		(26,677)
Restructuring, integration and other expenses		(26,420)		(24,598)
Amortization of acquired intangible assets and other		(20,175)		(20,078)
Operating income	$	18,502	$	62,738

Sales, by geographic area:
Americas ⁽¹⁾	$	1,205,695	$	1,215,757
EMEA ⁽²⁾		1,480,674		1,470,924
Asia/Pacific ⁽³⁾		2,036,690		1,943,328
Sales	$	4,723,059	$	4,630,009

⁽¹⁾	Includes sales from the United States of $1.13 billion and $1.14 billion for the first quarters ended October 3, 2020 and September 28, 2019, respectively.

⁽²⁾	Includes sales from Germany and Belgium of $574.8 million and $294.4 million, respectively, for the first quarter ended October 3, 2020. Includes sales from Germany and Belgium of $580.3 million and $277.8 million, respectively, for the first quarter ended September 28, 2019.

⁽³⁾

Table of Assets by reportable segment and long-lived assets by geographic area


	October 3,		June 27,
	2020		2020

	(Thousands)
Property, plant, and equipment, net, by geographic area:
Americas ⁽¹⁾	$	173,378	$	183,892
EMEA ⁽²⁾		192,997		183,382
Asia/Pacific		37,761		37,333
Property, plant, and equipment, net	$	404,136	$	404,607

⁽¹⁾	Includes property, plant and equipment, net, of $169.2 million and $179.4 million as of October 3, 2020 and June 27, 2020, respectively, in the United States.

⁽²⁾

Restructuring expenses (Tables)

3 Months Ended

Oct. 03, 2020

Fiscal Year 2021 Restructuring Liabilities

Restructuring Cost and Reserve [Line Items]


			Facility
			and Contract
	Severance		Exit Costs		Total

	(Thousands)
Fiscal 2021 restructuring expenses	$	24,815	$	2,037	$	26,852
Cash payments		(4,732)		(200)		(4,932)
Non-cash amounts		—		—		—
Other, principally foreign currency translation		(38)		(2)		(40)
Balance at October 3, 2020	$	20,045	$	1,835	$	21,880

Fiscal Year 2020 And Prior Restructuring Liabilities

Restructuring Cost and Reserve [Line Items]


			Facility
			and Contract
	Severance		Exit Costs		Total

	(Thousands)
Balance at June 27, 2020	$	13,574	$	3,368	$	16,942
Cash payments		(1,802)		(208)		(2,010)
Changes in estimates, net		(304)		(33)		(337)
Other, principally foreign currency translation		390		99		489
Balance at October 3, 2020	$	11,858	$	3,226	$	15,084

Basis of presentation and new accounting pronouncements (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Oct. 03, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	$ 65,018	$ 81,527
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	17,205
Allowance for credit losses net of tax	14,500
Allowance for credit losses tax	$ 2,700

Receivables (Details) - USD ($) $ in Thousands	Oct. 03, 2020	Jun. 27, 2020
Receivables
Receivables	$ 3,046,058	$ 2,993,404
Allowance for Credit Losses	$ (81,527)	$ (65,018)

Receivables - Allowance for Credit Losses (Details) $ in Thousands	3 Months Ended
	Oct. 03, 2020 USD ($)
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 65,018
Credit Loss Provision	1,786
Credit Loss Recoveries	(126)
Write offs	(4,023)
Foreign Currency Effect and Other	1,667
Receivables, Allowance for Credit Loss, Ending Balance	81,527
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 17,205

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Jun. 27, 2020	Jun. 29, 2019	Jun. 30, 2018	Jul. 04, 2009
Carrying amount of goodwill, by reportable segment
Carrying value	$ 773,734
Foreign currency translation	25,131
Carrying value	798,865
Accumulated Impairment		$ 118,731	$ 137,396	$ 181,440	$ 1,045,110
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	297,836
Foreign currency translation	6,606
Carrying value	304,442
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	475,898
Foreign currency translation	18,525
Carrying value	$ 494,423

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2020	Oct. 03, 2020
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 406,276	$ 420,516
Accumulated Amortization	(340,839)	(373,068)
Net Book Value	65,437	47,448
Intangible asset impairment	17,473
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	300,937	311,121
Accumulated Amortization	(266,759)	(291,936)
Net Book Value	34,178	19,185
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	51,698	53,729
Accumulated Amortization	(32,493)	(35,914)
Net Book Value	19,205	17,815
Technology and other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	53,641	55,666
Accumulated Amortization	(41,587)	(45,218)
Net Book Value	$ 12,054	$ 10,448

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Goodwill and intangible assets
Weighted average life of intangible assets	3 years
Intangible asset amortization expense	$ 20,117	$ 19,911

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Oct. 03, 2020	Jun. 27, 2020
Fiscal Year:
Remainder of fiscal 2021	$ 20,058
2022	14,668
2023	6,415
2024	2,995
2025	1,472
2026	1,472
Thereafter	368
Net Book Value	$ 47,448	$ 65,437

Debt - short-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - short-term debt (Details) - USD ($) $ in Thousands	Oct. 03, 2020	Jun. 27, 2020
Components of short-term debt
Short-term debt	$ 166,992	$ 51
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	8.45%	5.69%
Short-term debt	$ 92	$ 51
Accounts receivable securitization program
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	1.20%
Short-term debt	$ 166,900

Debt - long-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Oct. 03, 2020	Jun. 27, 2020
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 1,201,518	$ 1,431,491
Discount and debt issuance costs - unamortized	(6,315)	(6,700)
Long-term debt	$ 1,195,203	$ 1,424,791
Revolving credit facilities \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, stated interest rate		1.28%
Long-term debt before discount and debt issuance costs		$ 230,000
Notes due \| Notes Due December 2021
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.75%	3.75%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due \| Notes Due December 2022
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.88%	4.88%
Long-term debt before discount and debt issuance costs	$ 350,000	$ 350,000
Notes due \| Notes Due April 2026
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.63%	4.63%
Long-term debt before discount and debt issuance costs	$ 550,000	$ 550,000
Notes due \| Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.18%	1.19%
Long-term debt before discount and debt issuance costs	$ 1,518	$ 1,491

Debt (Textuals) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Oct. 03, 2020	Jun. 27, 2020
Company's total debt
Debt, Long-term and Short-term, Combined Amount		$ 1,360.0	$ 1,420.0
Total fair value		1,460.0	1,520.0
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount		450.0
Term	1 year
Accounts Receivable from Securitization		$ 728.4	703.8
Line of Credit Facility, Commitment Fee Percentage		0.40%
Revolving credit facilities \| Accounts receivable securitization program \| one-month LIBOR
Debt Instrument [Line Items]
Spread over base rate		1.05%
Revolving credit facilities \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		$ 1,250.0
Term		5 years
Line of credit facility contingent increase to maximum borrowing capacity		$ 1,500.0
Letter of Credit \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		200.0
Letters of credit outstanding, amount		1.3	$ 1.6
Notes Payable In Certain Approved Currencies \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		$ 300.0

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Oct. 03, 2020	Sep. 28, 2019
Leases [Abstract]
Lease term	18 years
Lease Cost
Operating lease cost	$ 18,402	$ 18,802
Variable lease cost	6,288	5,268
Total lease cost	$ 24,690	$ 24,070

Leases (Operating Lease Commitments) (Details) $ in Thousands	Oct. 03, 2020 USD ($)
Leases [Abstract]
Remainder of fiscal 2021	$ 51,333
2022	59,795
2023	50,999
2024	38,900
2025	32,006
Thereafter	156,634
Total future operating lease payments	389,667
Total imputed interest on operating lease liabilities	(67,905)
Total operating lease liabilities	$ 321,762

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Leases [Abstract]
Operating lease weighted-average remaining lease term	9 years 3 months 18 days	9 years 7 months 6 days
Operating lease weighted-average discount rate	3.80%	3.80%
Cash paid for operating lease liabilities	$ 14,710	$ 15,322
Operating lease assets obtained from new operating lease liabilities	$ 21,718	$ 6,404

Derivative financial instruments Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Jun. 27, 2020
Derivative fair value
Derivative assets fair value	$ 8,480	$ 18,989
Derivative liabilities fair value	$ 18,471	$ 15,605
Minimum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Derivative financial instruments
Net derivative financial instrument (loss) gain	$ (7,816)	$ 9,500

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2020	Jun. 27, 2020
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 18.8	$ 18.8
Gain on legal settlement	$ 8.2

Income taxes (Details)	3 Months Ended
Income taxes (Details)	Oct. 03, 2020	Sep. 28, 2019
Income taxes
Effective tax rate	(18.90%)	(22.70%)

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Components of net periodic pension costs
Service cost	$ 3,938	$ 3,786
Interest cost	3,976	5,638
Expected return on plan assets	(12,420)	(12,668)
Amortization of prior service cost	75	534
Recognized net actuarial loss	5,151	3,637
Net periodic pension cost	720	927
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension cost	3,938	3,786
Other Income, net
Components of net periodic pension costs
Net periodic pension cost	(3,218)	$ (2,859)
Plan
Components of net periodic pension costs
Contributions	8,000
Estimated future employer pension plan contributions	$ 8,000

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Aug. 05, 2020	Oct. 03, 2020	Oct. 03, 2020	Sep. 28, 2019
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program		$ 2,950,000	$ 2,950,000
Remaining authorized repurchase amount		469,000	$ 469,000
Cash dividends paid per common share	$ 0.21		$ 0.21	$ 0.21
Dividends paid on common stock		$ 20,800	$ 20,756	$ 21,451

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Numerator:
Net (loss) income	$ (18,889)	$ 41,752
Denominator:
Weighted average common shares for basic earnings per share	98,897	103,130
Net effect of dilutive stock based compensation awards		1,247
Weighted average common shares for diluted earnings per share	98,897	104,377
Basic (loss) earnings per share	$ (0.19)	$ 0.40
Diluted (loss) earnings per share	$ (0.19)	$ 0.40
Stock Options
Denominator:
antidilutive Securities	875	388

Additional cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019	Jun. 27, 2020
Interest and income taxes paid
Capital expenditures incurred but not paid	$ 3,173	$ 7,500
Unsettled share repurchases		2,734
Interest	12,538	19,214
Income tax net payments (refunds)	19,258	$ (5,192)
Cash equivalents	$ 5,800		$ 20,900

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Oct. 03, 2020	Sep. 28, 2019
Sales, by segment
Sales	$ 4,723,059	$ 4,630,009
Operating income:
Restructuring, integration and other expenses	(26,420)	(24,598)
Amortization of acquired intangible assets and other	(20,175)	(20,078)
Operating income	18,502	62,738
Segment
Operating income:
Operating income	96,399	134,091
Corporate
Operating income:
Corporate	(31,302)	(26,677)
Electronic Components \| Segment
Sales, by segment
Sales	4,382,148	4,294,187
Operating income:
Operating income	84,440	112,286
Farnell \| Segment
Sales, by segment
Sales	340,911	335,822
Operating income:
Operating income	$ 11,959	$ 21,805

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2020	Sep. 28, 2019
Sales, by geographic area:
Sales	$ 4,723,059	$ 4,630,009
Americas
Sales, by geographic area:
Sales	1,205,695	1,215,757
United States
Sales, by geographic area:
Sales	1,130,000	1,140,000
EMEA
Sales, by geographic area:
Sales	1,480,674	1,470,924
Germany
Sales, by geographic area:
Sales	574,800	580,300
Belgium
Sales, by geographic area:
Sales	294,400	277,800
Asia Pacific
Sales, by geographic area:
Sales	2,036,690	1,943,328
Taiwan
Sales, by geographic area:
Sales	916,300	870,400
China (including Hong Kong)
Sales, by geographic area:
Sales	631,800	623,500
SINGAPORE
Sales, by geographic area:
Sales	$ 272,000	$ 239,600

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Oct. 03, 2020	Jun. 27, 2020
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 404,136	$ 404,607
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	173,378	183,892
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	169,200	179,400
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	192,997	183,382
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	86,100	84,900
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	80,800	72,700
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	22,500	22,400
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 37,761	$ 37,333

Restructuring expenses (Details) $ in Thousands	3 Months Ended
Restructuring expenses (Details) $ in Thousands	Oct. 03, 2020 USD ($)
Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 26,852
Cash payments	(4,932)
Other, principally foreign currency translation	(40)
Ending Balance	21,880
Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	16,942
Cash payments	(2,010)
Changes in estimates, net	(337)
Other, principally foreign currency translation	489
Ending Balance	15,084
Severance \| Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	24,815
Cash payments	(4,732)
Other, principally foreign currency translation	(38)
Ending Balance	20,045
Severance \| Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	13,574
Cash payments	(1,802)
Changes in estimates, net	(304)
Other, principally foreign currency translation	390
Ending Balance	11,858
Facility and Contract Exit Costs \| Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	2,037
Cash payments	(200)
Other, principally foreign currency translation	(2)
Ending Balance	1,835
Facility and Contract Exit Costs \| Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	3,368
Cash payments	(208)
Changes in estimates, net	(33)
Other, principally foreign currency translation	99
Ending Balance	$ 3,226

Restructuring expenses (Textuals) (Details) $ in Thousands	3 Months Ended
Restructuring expenses (Textuals) (Details) $ in Thousands	Oct. 03, 2020 USD ($) employee	Jun. 27, 2020 USD ($)
Fiscal Year 2021 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 26,852
Restructuring Reserve	21,880
Fiscal Year 2021 Restructuring Liabilities \| Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	12,300
Fiscal Year 2021 Restructuring Liabilities \| Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	9,200
Fiscal Year 2021 Restructuring Liabilities \| Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 5,400
Fiscal Year 2021 Restructuring Liabilities \| Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges \| employee	150
Fiscal Year 2020 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 15,084	$ 16,942